Merry Christmas & Happy Holidays

Merry Christmas & Happy Holidays

Non Farm Payroll Results December 2009:+120 pips in just 1st 30 minutes & a total of +226 pips in about 6 ½ hours.

(Click Image to Enlarge)

Non Farm Payroll/NFP/ Non Farm Employment Change Forex trading news was expected to be -125K whereas the previous number was -190K and it was predicted if NFP > -225K USD JPY will go short 40-60 pips in 1st 15-30 minutes & if < -25K it will go long 40-60 pips in 1st 15-30 minutes. It came out to be -11k. It was a great trigger so it gathered 120 pips in just 30 minutes and the trend continued for the next 6 ½ hrs and went long for a huge +226 pips in total. Overall it was a great profitable month.

If at 8:30am EST NFP > -225K USD JPY will go short 40-60 pips & if < -25K it will go long 40-60 pips in 1st 15-30 minutes.

FORECAST for Friday, December 4th, 8:30 am Eastern Standard Time. Non Farm Payroll/NFP/ Non Farm Employment Change a high impact Forex trading news & is expected to be -125K whereas the previous number was -190K. It is the Change in the number of employed people during the previous month, excluding the farming industry. If at 8:30am EST NFP > -225K USD JPY will go short 40-60 pips in 1st 15-30 minutes & if < -25K it will go long 40-60 pips in 1st 15-30 minutes

Happy Thanksgiving! from FXGS

Happy Thanksgiving!

Forex Geek Squad

MetaTrader 5 the Next Generation Forex trading platform has been released for public Beta testing.

MetaTrader 5 the Next Generation Forex trading platform has been released for public beta testing.


The release of the platform for trading is scheduled for the beginning of 2010.

MetaTrader 5 is the trading platform designed for the organization of brokerage services in Forex, CFD and Futures, as well as equity markets. It can be used to trade in several financial markets and stock exchanges from a single account.

Click the Picture above to Download Meta Trader 5 Beta platform

Or Visit http://www.metaquotes.net/en/metatrader5 to download the Platform.

Resources:

http://www.mql5.com/

http://www.metaquotes.net/en/metatrader5

http://www.forex-tsd.com/metatrader-5/20130-metatrader-5-client-terminal.html

http://metatrader5.blogspot.com/

An MQL5 book is planned and it will be written by Sergey Kovalyov , author of the MQL4 book.

The forum , mql5 documentation and articles section are already working, but the code base is still in development.

All forum accounts have been moved from the MQL4 website, so anyone can use their own existing login.

MQL4 Vs MQL5:

MQL5 is the next generation of MQL4 language, in which numerous indicators, scripts, and Expert Advisors were written. Even though the MQL5 programming language is maximally compatible with the previous MQL4 language, there are still some differences between these languages. And when transferring programs these differences should be noted.


Major Differences (for programmers):

1. The number of indicator buffers are unlimited.

2. The new language does not have functions start(), init() and deinit().

3. Check of logical conditions is shortened.

4. dll is downloaded immediately after downloading an Expert Advisor.

5. Precedence of operators like in C + +.

6. When limits of an array are exceeded, the current performance is terminated.

7. The language offers the implicit type cast.

8. Common local arrays are automatically deleted.

9. Local variables are not initialized automatically.

Compared to Meta Trader 4, the usability and usefulness has majorly improved. Beta testing is already in process. Programmers have also started converting their indicators to the new MetaTrader 5 platform. After over two years of development, the MetaTrader 5 has been released for public beta testing. The MetaTrader 5 terminal, as well as the whole platform, was rewritten from scratch.

Non Farm Payroll Results November:+40 pips in just 1st 30 minutes & a total of +76 pips in about 2 hours.

(Click Image to Enlarge)

Non Farm Payroll/NFP/ Non Farm Employment Change Forex trading news was expected to be -175K whereas the previous number was -263K and it was predicted if NFP > -270K USD JPY will go short 60-80 pips & if < -70K it will go long 60-80 pips in 1st 15-30 minutes.It came out to be -190 even though it was not a great trigger it could still gather 76 pips in total in the next 2 hours. USD JPY started from 90.36 and touched 89.96 those were 40 pips in just 1st 30 minutes. During the next 2 hours it reached 89.60 that was a total of 76. Overall it was a good profitable month.

If at 8:30am EST NFP > -270K USD JPY will go short 60-80 pips & if < -70K it will go long 60-80 pips in 1st 15-30 minutes.

FORECAST for Friday, November 6th, 8:30 am Eastern Standard Time. Non Farm Payroll/NFP/ Non Farm Employment Change a high impact Forex trading news & is expected to be -175K whereas the previous number was -263K. It is the Change in the number of employed people during the previous month, excluding the farming industry. If at 8:30am EST NFP > -270K USD JPY will go short 60-80 pips & if < -70K it will go long 60-80 pips in 1st 15-30 minutes.

Happy Halloween From Forex Geek Squad

"Just like a ghost, you've been a-hauntin' my dreams, So I'll propose on Halloween. Love is kinda crazy with a spooky little girl like you." – The Classics IV

HAPPY HALLOWEEN

&

HAPPY TRADING

Wishes From the Whole Team

of

FOREX GEEK SQUAD

eToro The Easiest Platform to trade FOREX

About Forex
The Forex market has quickly become the world's largest financial market, with an estimate daily turnover of $3.2 trillion. It is a market that has great appeal to a financial trader because of its volume which guarantees liquidity. High liquidity means that a trader can trade whatever currencies he feels like at all times, since there will always be someone to buy and sell any currency he wants. Another outstanding feature of the forex market is that it is active 24 hours a day and is closed only on the weekends. This means that unlike the stock market for example, traders in the forex market don't need to wait for a bell to ring, but can make trading decisions around the clock.

Enter the internet into the equation. Now the forex market is literally at your fingertips. Most brokers offer online trading facilities which enable you to trade simply by clicking a button, instead of the traditional phone call. The internet has really revolutionized the industry, making the retail section of the market more dominant than ever.
About eToro
eToro is a forex trading platform developed to cater to the emerging retail segment of the forex market. With its simple style and exciting trade visualizations, eToro is the perfect platform for a novice trader to get his first forex trading experience. With its great array of professional forex trading and analysis tools, eToro is also the perfect platform for experts in the field who want to trade comfortably and reliably. eToro has developed a truly intuitive interface that lets traders concentrate on trading instead of messing around with bulky and overcomplicated software.
It's important to mention that eToro also offers an educational experience, so novices can gain knowledge of the forex market and eventually become pros if they're so inclined. eToro offers forex trading guides, forums and video tutorials to facilitate their traders' progress. eToro also offers an unlimited practice mode where both beginner and seasoned traders can sharpen their skills and test their strategies with real market rates.

Overall eToro have successfully designed a software that caters to a very wide segment of the forex trading public. eToro is bound to remain a leader in the forex industry for a long time to come.
eToro's features:
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Practice mode: Test your skills and strategies by trading with live rates, without risking a cent.
Trading Challenges: Compete against fellow traders for cash prizes - with no entry fees.
Commodities Trading: Trade the precious metals such as Gold and Silver on the eToro platform.

Low Spreads: Save a fortune on eToros super low spreads - as low as 2 pips.

WebTrader: Enjoy real time immediate execution with all your trades using the Webtrader that doesn't require the platform download.

eToro's Pro Insight: Get a look at what currency pairs eToro's top 100 traders are trading at the moment, and use the inside info to your advantage!

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CANADIAN DOLLAR Value is up again due to OIL

CRUDE OIL is one of the main raw materials which is produced in Canada and is supplied to United States. The Canadian currency started having increase in its value again versus U.S. Dollar when the crude oil rates raised beyond $70 a barrel.
In September, 2009 Canadian Dollar exchange rate averaged 1.08 CAD
to USD which was 0.6 basis points lower than the August, 2009 rate of 1.09. The short term trend of Canadian Dollar Vs. U.S. Dollar would be relatively neutral. The average Canadian Dollar conversion rate over the last year was 1.18 and over the last 10 years was 1.30. A lower Canadian Dollars to US Dollars exchange rate over the last year compared to the average currency rates over the last 10 years indicates that the long term rate trend weakening U.S. Dollar against the Canadian Dollar.

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EUR USD Back to Monthly R2 & GBP USD falls 288 pips in the last 8 hours

[Click th Graph to Zoom (+) In]

EUR USD after touching yearly high yesterday at 1.4825 has come back and touched Monthly Resistance-2 at 1.4676. Chances of setting in of the bearish trend is pretty high in the next few days. It has not yet crossed the daily trend line. At the same time GBP USD has had a quick fall from the weekly Pivot at 1.6371 to weekly Suppor-1 at 1.6083 a total of 288 pips in the last 8 hours.

[Click th Graph to Zoom (+) In]

Non Farm Payroll Results this month:+158 pips in just 1st 20 minutes & +252 pips in total in about 3 hours

(Click the Chart to Enlarge)
USD JPY started from 95.25 and touched 96.83 those were 158 pips in just 1st 20 minutes. Then in the next 15 minutes it dropped down to 96.41 that was 42 pips. Finally, during the next 2 ½ hours it reached 97.77 that was another 94 pips so a total of 252 pips in about 3 hours. It was absolutely amazing.

If at 8:30am EST NFP > -250K USD JPY will go long 40-50 pips & if < -400K it will go short 40-50 pips.

August 07,2009, 8:30am EST Non Farm Payroll/NFP/ Non Farm Employment Change a high impact Forex trading news & is expected to be -325K whereas the previous number was -467K. It is the Change in the number of employed people during the previous month, excluding the farming industry. If the number comes out to be >-250K USD JPY should go long 40-50 pips and if it comes to be < -400K it should go short 40-50 pips.

MUST Consider Forex Market Hours/Overlapping Sessions/Volatility/News before any trade.

Because of the overlapping of the time of Forex Markets all over the world one or the other market is open at any particular time. That's why it is literally called 24/7 so any currency can be traded 24 hours a day and anytime. But practically the brokers are closed at the weekends from Friday afternoon 4:00pm Eastern Time to Sunday afternoon 5:00pm Eastern time or we can also say Forex trading hours are 22.00 Sunday UTC to 22.00 Friday UTC (Universal coordinated time) which was former known as GMT or Greenwich Mean time. Also there are some major markets in which the volatility is good and there are more opportunities for profits so setting up your time according to that is the best way to be successful.

We MUST consider before taking any trade:-

1. Consider how many markets are open worldwide at the time you open any trade.
Taking all the markets under consideration is practically impossible so we should at least take the major Forex markets in account to trade. E.g. New York, Tokyo, Sydney and London. These are the 4 major markets we must target. The market hours of these currencies are as follows:-

We would like to recommend a nice website where you can have this live session online or even you can CLICK HERE to download Forex Market Hours monitor v2.12 or download the latest update of a free utility for your computer for the Forex Session Monitor from http://www.forexmarkethours.com/


2. Consider how Many overlapping markets are open before taking any trade.

More the Overlapping Sessions more the Opportunities.

3. Consider the impact of that market on the volatility.
Some of the markets have better impact on certain currencies than on others. We should also consider that and choose the session appropriate for your trading style. The most influential currencies in the Forex market are USD and EURO they are traded almost 3 times more than the other currencies.
4. Consider the time of that market when they trade the most?
Most of markets have more volume of trading at the starting few hours and at the closing time of that market.
5. Apart from timing is there anything else which makes a significant effect on the market?
Yes. The “NEWS”. Never underestimate any news. Be informed well about the potential and the risks of that news on the currency. News can Make you or Break you. Keep your stop loss tight enough according to your appetite or else stay away from it if you are not comfortable.

EUR USD reaches its highest price of this year at 1.4445

EUR USD reaches its highest price of this year at 1.4445. After a good Bullish rally yesterday price is stagnated around 1.4445 and has started coming down and has already reached 1.4000. The price is wandering around 1.4426 Monthly Resistance 1 and 1.4399 Weekly Resistance1. The position traders who were on long trades are advised to tighten the stop loss or treat it as the time to take profit. Also is expected to go short to a maximum of 1.3000 once the trend sets in. The previous highest peak of EUR USD was on 18th Dec. 2008 at around 1.4720 so we might expect a few more highs before it actually goes short. But considering short trades or getting ready for the short trades won’t be a bad idea. Happy Trading.

Get the FIFO Facts: By Interbank FX

Interbank FX Announces Compliance with the New NFA FIFO Rule, Retaining All Platform Order Functionality Including Expert Advisors
Interbank FX's proprietary backoffice solution offsets positions adhering to FIFO rule
Salt Lake City, July 20, 2009 — Interbank FX (IBFX.com), a worldwide provider of online foreign currency (Forex/FX) trading, announced today a solution for NFA Compliance Rule 2-43 affecting all NFA regulated Forex brokers.
Using our proprietary backoffice solutions, Interbank FX will allow our Meta Trader 4 platform to remain 100 percent compliant, while retaining order functionality and flexibility for customers trading. The MT4 platform will continue to function as our customers have experienced over the last several years. This includes the ability for customers to use fully functional Expert Advisors, Stops Losses, Take Profits, Trailing Stops and Limit Orders without making any needed adjustments.
"Certain US competitors have decided that their solution to the new FIFO rules are to move their customers overseas, rather than being compliant," said Todd Crosland, Chairman and President of Interbank FX. "At Interbank FX, we have embraced the NFA's efforts to help protect customers and provide a seamless solution without any changes to their current trading strategies."
The only modification for customers will be their daily and monthly account statements, coming directly from the proprietary Interbank FX backoffice system using NFA FIFO offsetting procedures. The FIFO rule takes effect beginning July 31/August 1, 2009.
Frequently Asked Questions
Q
Does FIFO apply to all of my trades?
A
First in / First out applies ONLY to trades of the same currency pair and position size.

Q
Will my Expert Advisor still work?
A
All of your Expert Advisors will continue to work with all of your pre-programmed stops, limits and trailing stops.

Q
Will I still be able to use Stops and Limits, Trailing Stops and Take Profits?
A
Absolutely - With the IBFX solution, you won't have to make any changes from the way that you are currently using MetaTrader4. No need to make any adjustments to Stops and Limits, Trailing Stops or Take Profits in your MetaTrader 4 platform. FIFO offseting will occur for all of your trades and proper accounting will be managed by Interbank FX's proprietary back office and reporting system.

Q
Will I still be able to close any of my orders of the same currency pair in any order in MetaTrader4?
A
With the IBFX solution, your trade management will still be fully functional in the MetaTrader 4 platform without you having to make any changes to your current trading strategies. Interbank FX's proprietary back office and reporting system will offset your trades FIFO as required by NFA Compliance Rule 2-43.

Q
How will this affect my daily statements?
A
Interbank FX Official Statements will come directly from Interbank FX’s proprietary back office system using our FIFO offsetting and accounting procedures. These statements will be accessible through a client’s Web Site Login. You will still be able to pull an Unofficial Trade Journal using the Trade Journal feature within the IBFX website. You will also be able to produce Unofficial Trade Journals using MetaTrader 4 as your Trade Manager. You will notice on the Interbank FX Official Statements that the trades have been opened and closed in a FIFO compliant manner, while this may not be the case on your Unofficial Trade Journal.

Q
Does this NFA rule apply to all U.S. based brokers?
A
Yes, this rule affects any broker in the U.S. that is a member of the NFA. Other brokers have attempted different approaches to this new ruling. We at Interbank FX strive to make trading in the forex market as simple as possible for our clients, all the while in full compliance with the NFA.

Visit http://www.ibfx.com/ for more details

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About IBFX / Interbank FX
Headquartered in Salt Lake City, UT, Interbank FX, LLC (IBFX) is a provider of online Forex trading services, offering individual traders, money managers and institutional customers proprietary technology, tools and education to trade spot foreign currency online.
Unlike other off-exchange retail foreign currency brokers, IBFX has distinguished itself among industry leaders with its unique multi bank liquidity feed, proprietary tools and services, and remarkable focus on customer care. This has led to longer term relationships and to numerous awards and industry accolades, including Best Online FX Provider, Best Foreign Exchange Broker, Best Chairman, Ernst and Young Entrepreneur of the Year, and Inc 500.
IBFX serves more than 35,000 clients from more than 140 countries around the world and has supported a trading volume in excess of US$80 billion in a single month. The company is regulated as a member of the National Futures Association and is also registered with the Commodity Futures Trading Commission as a Futures Commission Merchant. Trading in the off-exchange retail foreign currency market is one of the riskiest forms of investment available in the financial markets and suitable for sophisticated individuals and institutions. The possibility exists that you could sustain a substantial loss of funds and therefore you should not invest money that you cannot afford to lose. With all major news releases, there is the possibility of significant price volatility. IBFX is not liable for any loss or damage, including without limitation any loss of profit, which may arise from the use of Dow Jones FX Select or reliance on such information.

Forex to Live During Recession

“Forex or FX” The foreign exchange market trades currencies. The purpose of the foreign exchange market is to enhance international trade and investment. It allows traders, banks and other institutions easily buy and sell currencies. In a Forex transaction a party purchases a quantity of one currency by paying a quantity of another currency. The Trillion Dollar Turnover Industry has a potential to look after the down going economy of United States. It’s a boon at the time of maximum Unemployment Rate of the century. Forex can save thousands of the families from being Bankrupt. It’s the only industry to make you profitable in any circumstances. Forex trading market is very distinctive in many ways. The trading can be done 24 hrs. any time of the day and any day except on the weekend and a trade can be closed in a few seconds or can be left open for even months according to the style of trading you follow. It is also unique in having extreme trading volume, liquidity and has a great potential.